A vendor raises the cost of materials you planned to order, and the increased cost will put your project over budget. Which should you do first?
A. Review the budget to identify other areas where costs can be cut.
B. Cancel your contract with the vendor.
C. Contact the vendor and ask them to honor the initial price.
D. Ask the client to identify other areas of the project where they’d like to cut costs.
E. Request additional money from the client to cover the increased costs.

In the case when the vendor increased the material cost that planned and the increased cost would also be placed in your project i.e. over budgeted so the first thing you should do is review the budget by identifying the areas where the cost cutting to be done

Therefore as per the given situation, the option A is correct

And, the rest of the options are incorrect

nikitavidya0 nikitavidya0 · Answer 2 · 2022-03-29T08:23:45+02:00

The company must review the budget to identify other areas where costs can be cut in order to maintain the budget as planned.

How to make the budget intact as planned?

The revision of the budget should be initiated as the foremost task in order to identify expenses that could be reduced. Further, adjustments in budgets should be done for improving performance.

Therefore, reallocation of funds could be done between different activities in the budget to derive a higher output.

Learn more about budget here:

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